Conclusion

The rise of fintech has enhanced convenience, experience, transparency and choice for customers, with the promise of better prices, faster processing, better access, better service and peace of mind.

With the support of new technologies, fintechs have been able to build a more direct and convenient relationship with customers. This has resulted in many new products, tailored to specific needs and new ways of distribution. It has also resulted in the public having more options than ever when choosing financial services.

Some specialised fintechs also emerged that helped the whole system to benefit from the focus and constant improvement of key components on the delivery of financial service products. The ease of building a fintech means that barriers for new competitors to enter the market are low, and the market is getting crowded. However, technology did not solve all the problems at banks, and it won't always be the answer for fintechs either. Fintechs must know that reliance on technology or approaching technology merely to do things faster and cheaper is not enough. Financial services still are about trust and sometimes technology impedes building that trust.

More than just looking at the next tool, technology fad or system enhancement, fintechs – like all companies – must consider first the true needs of the customer and then find the best way to serve those needs. If the technology allows the fintech to deliver this service cheaper, better, and faster, then we are in the best of the worlds.